Published on 5/29/2020 in the Prospect News Structured Products Daily.
New Issue: Citigroup prices $454,000 contingent coupon autocallable notes on indexes
By Wendy Van Sickle
Columbus, Ohio, May 29 – Citigroup Global Markets Holdings Inc. priced $454,000 of autocallable contingent coupon equity-linked securities due May 26, 2022 tied to the worst performing of the Dow Jones industrial average, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Citigroup Inc.
The notes carry a coupon of 9.75% per year, payable quarterly if each asset closes above its coupon barrier, 70% of its initial level, on the observation date for that period.
The notes will be automatically redeemed at par if the worst-performing asset closes at or above its initial level on any quarterly autocall date.
If the notes are not called and each asset closes at or above its 70% final barrier level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the loss of the least performing asset.
Citigroup Global Markets Inc. is the underwriter.
| Issuer: | Citigroup Global Markets Holdings Inc.
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| Guarantor: | Citigroup Inc.
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| Issue: | Autocallable contingent coupon equity-linked securities
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| Underlying assets: | Dow Jones industrial average, S&P 500 index, Russell 2000 index
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| Amount: | $454,000
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| Maturity: | May 26, 2022
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| Coupon: | 9.75%, payable quarterly if assets close above coupon barrier on observation date
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| Price: | Par
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| Payout at maturity: | Par if each asset closes at or above barrier level; otherwise, full exposure to loss of least performing asset
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| Call: | At par if worst-performing asset closes at or above initial level on any quarterly autocall date
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| Initial index levels: | 24,465.16 for Dow, 2,955.45 for S&P, 1,355.531 for Russell
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| Barrier levels: | 17,125.612 for Dow, 2,068.815 for S&P, 948.872 for Russell, 70% of initial levels
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| Pricing date: | May 22
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| Settlement date: | May 28
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| Underwriter: | Citigroup Global Markets Inc.
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| Fees: | 2.25%
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| Cusip: | 17328VWW6
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